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The Chalmers Report
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tensions and rising inflation without blowing the budget
will provide a tough test for the Albanese government.
However the government does have a parliamentary majority
so it won't need to make concessions.
Yet economists see Australia withstanding a housing
downturn and higher interest rates through low exchange rate,
stronger population growth, increased business investment
and continued elevated prices for key commodity exports
such as coal and iron ore.
Of course there could be some policy shifts - but these
don't change the economic picture in the near term -
according to Commonwealth Bank economists.